New Preferential Import Scheme

14 November 2012

The EU introduced the new Generalised System of Preference (GSP) on 31 October in Regulation 978/2012.  This regulation replaces the current system for imports made after 1 January 2014.  This delay in implementing the new agreement gives businesses time to adapt to the new regime

The new scheme:

  • Reduces the number of countries that can benefit from preferential duty rates under GSP
  • Increases the scope of products falling within the preference system, with the addition of 23 new tariff lines
  • Increased the level of duty rate reductions
  • Provides more support for countries which are serious about implementing human rights, labour rights and environmental conventions
  • Lengthens transitory measures excluding beneficiary countries
  • Introduces new specific safeguard provisions to reduce the abuse of the scheme

The majority of countries excluded from GSP will fall within other preferential trade agreements with the EU.  However, the following countries are excluded from the new agreement because of their economic strength:

  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Qatar
  • UAE
  • Oman,
  • Brunei
  • Macao
  • Argentina
  • Brazil
  • Cuba
  • Uruguay
  • Venezuela
  • Belarus
  • Russia
  • Kazakhstan
  • Gabon
  • Libya
  • Malaysia
  • Palau

We strongly recommend our clients review the scope of this new Regulation to analyse the impact on its import costs.  Please contact us if you need any assistance with this process.

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